Universal Security Instruments Reports First-Quarter Results
August 19 2024 - 4:30PM
Universal Security Instruments, Inc. (NYSE Amex: UUU) today
announced results for its fiscal quarter ended June 30, 2024.
The Company reported sales of $4,598,516 for the
quarter ended June 30, 2024, versus $6,698,771 for the comparable
period of last year. The Company reported a net loss of $442,206 or
$(0.19) per basic and diluted share, compared to net income of
$165,130, or $0.07 per basic and diluted share, for the same period
last year.
Harvey Grossblatt - President and CEO said:
“Sales were lower due to supply chain delays in obtaining
components for the Company’s security products, and gross margins
were reduced in the June quarter by higher ocean freight and
component costs.”
UNIVERSAL SECURITY INSTRUMENTS, INC. is a
distributor of safety and security devices. Founded in 1969, the
Company has an over 55-year heritage of developing innovative and
easy-to-install products, including smoke, fire and carbon monoxide
alarms. For more information on Universal Security
Instruments, visit our website at www.universalsecurity.com.
Contact: Harvey Grossblatt, CEO Universal
Security Instruments, Inc.(410) 363-3000, Ext. 224orZachary Mizener
Lambert & Co. (315) 529-2348
"Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995: Certain matters discussed
in this news release may constitute forward-looking statements
within the meaning of the federal securities laws that inherently
include certain risks and uncertainties. Actual results could
differ materially from those projected in or contemplated by the
forward-looking statements due to a number of factors, including,
among other items, currency fluctuations, the impact of current and
future laws and governmental regulations, and other factors which
may be identified from time to time in our Securities and Exchange
Commission filings and other public announcements. We do not
undertake and specifically disclaim any obligation to update any
forward-looking statements to reflect occurrence of anticipated or
unanticipated events or circumstances after the date of such
statements. We will revise our outlook from time to time and
frequently will not disclose such revisions publicly.
UNIVERSAL SECURITY INSTRUMENTS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS(UNAUDITED)
|
Three Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
Sales |
$ |
4,598,516 |
|
|
$ |
6,698,771 |
|
|
|
Net (Loss) Income: |
|
(442,206 |
) |
|
|
165,130 |
Net (Loss) Income per share – basic and diluted |
|
(0.19 |
) |
|
|
0.07 |
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
Basic and diluted |
|
2,312,887 |
|
|
|
2,312,887 |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE
SHEETS(UNAUDITED)
ASSETS |
|
|
June 30, 2024 |
|
June 30, 2023 |
|
Cash |
$ |
321,539 |
|
|
$ |
240,817 |
|
Accounts receivable and amount
due from factor |
|
2,955,164 |
|
|
|
4,670,947 |
|
Inventory |
|
5,106,588 |
|
|
|
2,878,373 |
|
Prepaid expense |
|
132,241 |
|
|
|
280,594 |
|
|
|
|
TOTAL CURRENT ASSETS |
|
8,515,532 |
|
|
|
8,070,731 |
|
|
|
|
PROPERTY, EQUIPMENT AND
INTANGIBLE ASSETS–NET |
|
149,925 |
|
|
|
313,550 |
|
|
|
|
TOTAL ASSETS |
$ |
8,665,457 |
|
|
$ |
8,384,281 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
Line of credit – factor |
$ |
2,223,419 |
|
|
$ |
1,370,299 |
|
Short-term portion of
operating lease liability |
|
132,659 |
|
|
|
153,095 |
|
Accounts payable |
|
1,526,605 |
|
|
|
831,915 |
|
Accrued liabilities |
|
261,953 |
|
|
|
372,366 |
|
TOTAL CURRENT LIABILITIES |
|
4,144,636 |
|
|
|
2,727,675 |
|
|
|
|
|
|
|
|
|
LONG-TERM OPERATING LEASE
LIABILITY |
|
- |
|
|
|
132,659 |
|
TOTAL LONG-TERM
LIABILITIES |
|
- |
|
|
|
132,659 |
|
SHAREHOLDERS’ EQUITY: |
|
|
Common stock, $.01 par value per share; authorized 20,000,000
shares; issued and outstanding 2,312,887 at June 30, 2024 and
2023 |
|
23,129 |
|
|
|
23,129 |
|
Additional paid-in
capital |
|
12,885,841 |
|
|
|
12,885,841 |
|
Accumulated Deficit |
|
(8,388,149 |
) |
|
|
(7,385,023 |
) |
|
|
|
TOTAL SHAREHOLDERS’
EQUITY |
|
4,520,821 |
|
|
|
5,523,947 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
8,665,457 |
|
|
$ |
8,384,281 |
|
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